明星独董也是“花瓶”吗——基于双重代理成本的视角  

Are Star Independent Directors Still a Decoration-- Multiple Agency Costs Perspective

作　　者：罗进辉[1] 黄震[1] 李莉[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《山西财经大学学报》2014年第1期76-90,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金青年项目(71202061);福建省社科规划青年项目(2012C027)

摘　　要：本文根据百度搜索引擎数据反映的社会知名度,把独立董事划分为明星独董和普通独董。基于中国A股上市公司2008～2010年3531个年度观察样本的实证分析发现,与聘请普通独董的上市公司相比,聘请明星独董的上市公司具有显著更高的双重代理成本(特别是第二类代理成本)和显著更低的经营业绩和市场价值。进一步,本文发现,明星独董主要加剧了国有企业中股东与管理层间的第一类代理问题和民营企业中大股东与中小股东间的第二类代理问题。From the perspective of social reputation mechanism, this paper classifies independent directors into star ones and normal ones according to their social reputation. Using a data set of 3531 firm-year observations from Chinese A-share listed companies during 2008-2010, we find that compared with firms that only have normal independent directors, firms with star independent directors have higher multiple agency costs including Agency Costs I and especially Agency Costs II, and have poorer operating performance and lower market value. Further, we find that star independent directors mainly exacerbate Agency Costs I in state-owned firms and Agency Costs II in privately-owned firms respectively.

关 键 词：明星独董 公司治理 第一类代理成本 第二类代理成本 产权性质 

分 类 号：F276[经济管理—企业管理]